I will now provide additional detail for our 3 operating segments, including our domestic Agriculture and Construction segments and our International segment.

i will now provide additional detail for our 3 operating segments including our domestic agriculture and construction segments and our international segment


we're actually doing a little bit better this year than what we expected, so we're in between that 40% and 42%. But again, we expect it to be closer in the medium term

we're actually doing a little bit better this year than what we expected so we're in between that 40 and 42 but again we expect it to be closer in the medium term


profile, the growing middle class, the urbanization of the population and the opportunity for continued distribution gains. China will continue to be an important part of our growth story.

profile the growing middle class the urbanization of the population and the opportunity for continued distribution gains china will continue to be an important part of our growth story


our portfolio as well as in our channels. And obviously, e-commerce is an important channel for us in China, and our partnership with Alibaba is a critical piece

our portfolio as well as in our channels and obviously e-commerce is an important channel for us in china and our partnership with alibaba is a critical piece


I'm wondering if you could maybe just give us some of your thoughts around storage and what that might look like in terms of the connective tissue between wind and solar.

i'm wondering if you could maybe just give us some of your thoughts around storage and what that might look like in terms of the connected tissue between wind and solar


are you finding that you are doing more and more kind of co-investments taking on larger bite sizes and that's kind of what's helping you maintain some of your pricing power?

are you finding that you're doing more and more kind of coal investments taking on larger bite sizes and that's kind of what's helping you maintain some of your pricing power


So that has created a foundation for the next step. And I think that was the expectation we would anyway be at right now.

so that has created a foundation for the next step and i think that was the expectation we would anyway be at right now


Before the call begins, I'd like to remind everyone that certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements.

before the call begins i'd like to remind everyone that certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements


open it up to the -- our APIs and then we could connect through our catalog, take the data you're running there and really expose it so you could use it in the rest of your systems.

opened up to their apis and then we could connect through airtable log take the data you're running there and really expose it so you could use it in the rest of your systems


And so why did we do this? Why is this important we do this? Well, our customers are moving there and they need help getting there.

and so why did we do this why is this important we do this well our customers are moving there and they need help getting there


So I think if you did second half, it's probably equivalent to something like 4% to 8%. Just keeping in mind that July was

so i think if you did second half it's probably equivalent of something like 4 to 8 just keeping in mind that july was


In many cases, we simply need to have a reasonable or as expected pace of shipment to jobs that have already started.

in many cases we simply need to have a reasonable or as expected pace of shipment to jobs that have already started


where do you think we are in the housing cycle? And which of these various metrics or things to look at do you think are the best gauge

where do you think we are in the housing cycle and which of these various metrics or things to look at do you think are the best gauge


and the number of counterparties out there are quite significant. And the teams really turned on a dime to kind of adjust their processes.

and the number of counterparties out there are quite significant and the team's really turned on a dime to kind of adjust their processes


Finally, the financial guidance in this presentation is effective as of today only. It is our policy to generally not update guidance until the following quarter and not to update or affirm guidance

finally the financial guidance in this presentation is effective as of today only it is our policy to generally not update guidance until the following quarter and not to update or firm guidance


important the margins of that business should continue to remain strong going forward and we should be able to capture


into a seamless operating unit, we will be able to better leverage the synergies between these businesses and enhance the service we provide to clients.

into a seamless operating unit we will be able to better leverage the synergies between these businesses and enhance the service we provide to clients


We're extremely pleased with our solid performance and anticipate continued growth and success in the quarters to come as the benefits from the merger are fully realized.

we're extremely pleased with our solid performance and anticipate continued growth and success in the quarters to come as the benefits from the merger are fully realized


The combined plant has both aluminum and stainless steel production capabilities, allowing us to quote competitively in providing additional capacity for our most rapidly growing engine product lines.

the combined plant has both aluminum and stainless steel production capabilities allowing us to quote competitively and providing additional capacity for our most rapidly growing engine product lines


it just is another opportunity to thank you on representing Las Vegas for all the support we get from your communities. We have a great relationship

and it just is another opportunity to thank you on behalf of representing las vegas for all the support we get for your communities we have a great relationship


restore some of those more painful cuts. And as I mentioned before, these are kind of no-brainer opportunities for us where we're very confident that there'll be profit

restore some of those more painful cuts and as i mentioned before these are kind of no-brainer opportunities for us where we're very confident that there'll be profit


introduced in the very smaller, smallest markets. So maybe some that might give more relevance to that companion piece of business.

introduced in the very smaller -- smallest markets so maybe some of that might give more relevance to that companion piece of business


to buy inventory that we're able to do that. So we're just trying to be very diligent on the front end and not get caught in a situation where we don't have enough

to buy inventory that we're able to do that so we're just trying to be very diligent on the front end and not get caught in a situation where we don't have enough


oftentimes, shopping within the store that occurs with the pickup of groceries. And I do also think that the interaction between

oftentimes shopping within the store that occurs with the pickup of groceries and i do also think that the interaction between


We also have hired 5 new industry experienced sales reps and had a very strong first quarter of sales bookings that will lay the groundwork of strong future growth.

we also have hired 5 new industry experienced sales reps and had a very strong first quarter of sales bookings that will lay the groundwork for strong future growth


was also a very -- in July was a very successful event. We demonstrated to many countries and cities that the platform could be used

was also a very -- in july it was a very successful event we demonstrated to many countries and cities that the platform could be used


And then we got hammered by freight costs, and we had an unfavorable environment to really get pricing because of the aerospace destocking. So

and then we got hammered by freight costs and we had an unfavorable environment to really get pricing because of the aerospace destocking so


Suffice it to say, interest in learning about TD is strong and we expect this momentum to continue to the American Psychiatric Association Annual Meeting next week in New York,

suffice it to say interest in learning about td is strong and we expect this momentum to continue to the american psychiatric association annual meeting next week in new york


This is what has always worked for us in the past. We stay away from the commodity product that the boxes carry en masse. And we go to

this is what has always worked for us in the past we stay away from the commodity product that the boxes carry in mass and we go to


The purpose of our corporate team is to support those store managers. Our new regional sales management structure will allow our most experienced and successful retail managers

the purpose of our corporate team is to support those store managers our new regional sales management structure will allow our most experienced and successful retail managers


the margin will necessarily go up a lot more in the short term because the -- and I don't think the revenue top line

that the margin will necessarily go up a lot more in the short term because -- and i don't think the revenue top line


is baked into the rates that are being offered. You're also seeing -- I don't know if credit standards slide or just go to a point we're not comfortable with, especially

is baked into the rates that are being offered you're also seeing i don't know credit standards slide or just go to a point we're not comfortable with especially


A strong increase in international sales and a modest increase in commercial sales during the quarter were more than offset by lower than anticipated U.S. consumer sales,

a strong increase in international sales and a modest increase in commercial sales during the quarter were more than offset by lower-than-anticipated u s consumer sales


which we expect to accelerate even more throughout the balance of 2016. With that recap, we're now ready to open the call

which we expect to accelerate even more throughout the balance of 2016 with that recap we're now ready to open the call


It seems that Visa Europe has been exceeding at least our expectations almost every quarter since the transaction kind of took place.

it seems that visa europe has been exceeding at least our expectations almost every quarter since the transaction kind of took place


from your China operations now. And memory, you had a few years ago with the power ASE, but just how you see about how aggressive you want to be getting back

from your china operations now and memory you had a few years ago with the power ac but just how you see about how aggressive you want to be getting back


after a hectic last quarter of the government's fiscal year ending September 30th. We expect the process to start again in November.

after a hectic last quarter of the government's fiscal year ending september 30 we expect the process to start again in november


We always have our name front and center and being a good citizen in the community and have the type of involvement that you would expect from a good local business partner.

to always have our name front and center in being a good citizen in the community and have the type of involvement that you would expect from a good local business partner


Our goal is to make Westport Fuel Systems a sustainable, profitable company that delivers value to customers, employees and shareholders.

our goal is to make westport fuel systems a sustainable profitable company that delivers value to customers employees and shareholders


The company has undergone many changes in the business model over this time period, and we continue to be gratified that we can produce these kinds of results during this period of great change.

the company has undergone many changes in the business model over this time period and we continue to be gratified that we can produce these kinds of results during this period of great change


how we thought about what those thresholds would have to be in the plan that we put in place for the first quarter certainly had an impact on the price levels that we set that plan to


If we have a closer look at the growth, we see a total growth of more than 7%. But if we then deduct the

if we have a closer look at the growth we see a total growth of more than 7% but if we then deduct the


we are moving inexorably forward to our goal of advancing our clinical programs toward regulatory submissions for marketing approval.


Finally, I'll refer to the strength of our financial position before turning the call over to Susan for financial highlights of last quarter.

finally i'll refer to the strength of our financial position before turning the call over to susan for financial highlights of last quarter


History shows that secular changes of this nature can often cripple companies who don't undertake bold measures to condemn with them.

history shows that secular changes of this nature can often cripple companies who don't undertake bold measures to contend with them


but we do use it internally to measure our core operating results, so I've included it in the earnings release with a reconciliation to our GAAP numbers.

but we do use it internally to measure our core operating results so i've included it in the earnings release with a reconciliation to our gaap numbers


That said, attributed to the nature of some of this new business, we've been experiencing a lag between the booking and the revenue realization.

that said attributed to the nature of some of this new business we've been experiencing a lag between the booking and the revenue realization


in a orphan drug indication called chordoma, which is a rare cancer of the bones at the base of the skull and spine.

in an orphan drug indication called chordoma which is a rare cancer the bones at the base of the skull and spine


Driven by the success of the various initiatives and investments, I just discussed, and supported by consistent levels of prospective student interest for our programs,

driven by the success of the various initiatives and investments i just discussed and supported by consistent levels of prospective student interest for our programs


going into next year. And I'm curious to get your perspective on the consumer in Brazil. We're hearing about maybe a gradual recovery or at least a more stable environment,

going into next year and i'm curious to get your perspective on the consumer in brazil we're hearing about maybe a gradual recovery or at least a more stable environment


However, RL has not met our budget expectations for the reporting period and this triggered a review of the carrying value of the intangible balances.

however r l has not met our budget expectations for the reporting period and this triggered a review of the carrying value of the intangible balances


With the rising rate environment, we're now benefiting from these actions and investments in the form of a stable commercial deposit base.

with the rising rate environment we're now benefiting from these actions and investments in the form of a stable commercial deposit base


a year ago, we had a conflict in the harbor of Gothenburg. And as an effect of that, we are now taking a large extent of our incoming goods through

a year ago we had a conflict in the harbor of gothenburg and as an effect of that we are now taking a larger extent of our incoming goods through


directed toward our having our own products. And so we set out to find a partner with whom we might create those. And the second part of this

directed toward our having our own products and so we set out to find a partner with whom we might create those and the second part of this


start reducing and we therefore see this change in situation where in on the asset as a bank

start reducing and we therefore see this change in situation wherein the -- on the asset side as a bank


internal, I can't say whether we are at the interval, after the interval but it doesn't feel like we are before the

interval i can't say whether we are at the interval after the interval but it doesn't feel like we are before the interval


Pricing has continued to improve, as a result of that solid demand, with both the base price and surcharge increasing in January.

pricing has continued to improve as a result of that solid demand with both the base price and surcharge increasing in january


inventory spoilage and asset impairments. I would note that our uniforms business absorbed approximately half of this impact

inventory spoilage and asset impairments i would note that our uniforms business absorbed approximately half of this impact


We're improving our product offerings, service and technology across all 4 of these dimensions to consistently elevate the customer experience.

we're improving our product offerings service and technology across all 4 of these dimensions to consistently elevate the customer experience


where InfuSystem does not handle drugs and we focus on only providing a service that includes software pumps, supplies and nursing support.

where infusystem does not handle drugs and we focus on only providing a service that includes software pumps supplies and nursing support


But we really think this is a growing area of market leadership for CSC, and we are planning to continue to invest in this business as we go forward.

but we really think this is a growing area of market leadership for csc and we are planning to continue to invest in this business as we go forward


We are currently piloting this with a group of agents in Tennessee and Pennsylvania with the expectation of a complete rollout by the third quarter of next year.

we are currently piloting this with a group of agents in tennessee and pennsylvania with the expectation of a complete rollout by the third quarter of next year


I will now take you through second quarter specifics by market. Starting with Washington Metro, we are dealing with the same dynamics we have had over the last several years.

i will now take you through second quarter specifics by market starting with washington metro we are dealing with the same dynamics we have had over the last several years


driven by accelerating investment behind our Cortrophin recommercialization program and work related to our underlying generic pipeline.

driven by accelerating investment behind our portrofin recommercialization program and work related to our underlying generic pipeline


a group that we estimate to be approximately half of the treated population, we expect roxadustat to offer an alternative therapy capable of achieving the desired hemoglobin target

a group that we estimate to be approximately half of the treated population we expect roxadustat to offer an alternative therapy capable of achieving the desired hemoglobin target


And we have to just do our due diligence to make sure that every product split, we have the capacity to handle those incremental volumes.

and we have to just do our due diligence to make sure that every product split we have the capacity to handle those incremental volumes


Construction on The Well continues to progress according to our schedule. For the office tower at the corner of Front and Spadina, we have started work above grade.

construction on the well continues to progress according to our schedule for the office tower at the corner of front and spadina we have started work above grade


So they bring the engineering expertise to integrate these systems, being the battery system, the battery management and the vehicle control unit.

so they bring the engineering expertise to integrate these systems being the battery system the battery management and the vehicle control unit


when we first started these programs, we started with the minimum efficacious dose to be able to be treated in older animals that showed complete correction of disease,

when we first started these programs we started with the minimum efficacious dose to be able to be treated in older animals that showed complete correction of disease


So we're expecting this new segment structure to make it easier not only to understand historical performance, but also for you to track the group's performance moving forward.

so we're expecting this new segment structure to make it easier not only to understand historical performance but also for you to track the group's performance moving forward


the situation as it is today. There is a difference when you compare your company to other players in the market, and this may not be sustainable.

the situation as it is today there is a difference when you compare your company to other players in the market and this may not be sustainable


confidence factor in terms of improving performance in some of the ones where you cited them just being sale in the market or an opportunity to upgrade the location?

confidence factor in terms of improving performance and some of the ones where you've cited them just being stale in a market or an opportunity to upgrade the location


Wealth Management revenues were down 12% versus an exceptionally strong second quarter '15, driven by a bit difficult market environment with lower client activity.

wealth management revenues were down 12% versus an exceptionally strong second quarter '15 driven by a difficult market environment with lower client activity


The hybrid motor, which is unique to the Freed, adopts the world's first hybrid vehicle motor magnet free of heavy rare earth elements.

the hybrid motor which is unique to the freed adopts the world's first hybrid vehicle motor magnet free of heavy rare earth elements


it's been a very positive reaction. And the reason is the overall quota goes down. Again, in the past, you were quota-ed for both

it's been a very positive reaction and the reason is the overall quota goes down again in the past you were quoted for both


of an existential philosophy that in order to compete for the next 5 years, we need to have this. Or should we -- or let's discuss what we need to have,

of an existential philosophy that in order to compete for the next 5 years we need to have this or should we -- or let's discuss what we need to have


I'll let Henric talk maybe more to some comments to the market and I think I'll leave it there. And Henric, please why don't you

i let henrik talk maybe more to some comments to the market and i think i'll leave it there and henrik please why don't you


we have managed to improve processes that are involved with the license compliance and that has resulted in a significant increase

we have managed to improve processes that are involved with license compliance and that has resulted in a significant increase


In addition, we now have closed 3 platform deals with our Global Systems Integrators. These deals are a managed service and have the opportunity

in addition we now have closed 3 platform deals with our global systems integrators these deals are a managed service and have the opportunity


While immaterial to our overall results for the year, we do expect to see some benefit from the adoption of the new standard on full year revenue and operating margins.

while immaterial to our overall results for the year we do expect to see some benefit from the adoption of the new standard on full year revenue and operating margins


After it's completed, we will begin the tunnel boring machine, assemblies, followed by the start of tunneling in January.

after it's completed we will begin the tunnel boring machine assemblies followed by the start of tunneling in january


hypothesis that we have confidence is the correct hypothesis for why this is the case, whether it has to do with the biology of the target

the hypothesis that we have confidence is the correct hypothesis for why this is the case whether it has to do with the biology of the target


At this time, management would like me to inform you that certain statements made during the conference call, which are not historical, may be deemed forward-looking statements within the meaning

at this time management would like me to inform you that certain statements made during the conference call which are not historical may be deemed forward-looking statements within the meaning


An example of this new vision is the early success we are seeing with our Funding Stream working capital loan business, which is our initial offering beyond our Equipment Finance business.

an example of this new vision is the early success we are seeing with our funding stream working capital loan business which is our initial offering beyond our equipment finance business


before we let you post your questions. Let's take a quick look at strategy. Where we are in terms of its execution. If we look at ROE,

before we let you pose your questions let's take a quick look at strategy where we are in terms of its execution if we look at roe


This capital is used to bring our capital levels more in line with peers and will be used for general corporate purposes and take advantage of strategic opportunities in the future.

this capital is used to bring our capital levels more in line with peers and will be used for general corporate purposes and take advantage of strategic opportunities in the future


were also numerous nonrecurring charges as part of entering the market with this business model that had to be incurred as part of this initial sale.

there were also numerous nonrecurring charges as part of entering the market with this business model that had to be incurred as part of this initial sale


specifically negative. I think it's just the project mix at times. So from time to time, I think we'll see it have more of an impact than others and nothing real specific in there.

specifically negative i think it's just the project mix at times so from time to time i think we'll see it have more of an impact than others so nothing real specific in there


The forward-looking statements and risks in this conference call are based on current expectations as of today and Exponent assumes no obligation to update or revise them,

the forward-looking statements and risks in this conference call are based on current expectations as of today and exponent assumes no obligation to update or revise them


I think, it's fair to say, as always, it's been an awful lot going on since we last saw you, and I'm delighted to better share some of that with you today and also to take you through some of the numbers in a bit more detail.

i think it's fair to say as always there's been an awful lot going on since we last saw you and i'm delighted to be able to share some of that with you today and also to take you through some of the numbers in a bit more detail


to work in concert with their office devices. We believe we are well positioned to strongly compete for market share in the SMB VoIP category.

to work in concert with their office devices we believe we are well positioned to strongly compete for market share in the smb voip category


There are about 1,500 customers subscribed to the solar output and almost 400 customers on the waiting list, which demonstrates our community's commitment to solar power.

there are about 1 500 customers subscribed to the solar output and almost 400 customers on the waiting list which demonstrates our community's commitment to solar power


Primary uses of cash in the quarter related to the funding of our seasonal Agriculture working capital requirements, growth investments and dividends.

primary uses of cash in the quarter related to the funding of our seasonal agricultural working capital requirements growth investments and dividends


improve -- could improve slightly with time, as risks are retired or will the margin remained depressed through the life of the engines, which are affected by the current issues?

improve -- could improve slightly with time as risks are retired or will the margin remain depressed through the life of the engines which are affected by the current issues


you will likely recall as new vehicle platforms are launched, we typically see increased container orders as producers tool up for the new launches.

you will likely recall as new vehicle platforms are launched we typically see increased container orders as producers tool up for the new launches


While we know that lending is the primary engine that drives EagleBank, we shouldn't ignore the securities portfolio, which has grown significantly over the past year

while we know that lending is the primary engine that drives eagle bank we shouldn't ignore the securities portfolio which has grown significantly over the past year


we are actually indeed on the slope of the dose-response curve and not on one of the plateaus, which is an additional validation of trying to look for the best dose.

we are actually indeed on the slope of the dose response curve and not on one of the plateaus which is an additional validation of trying to look for the best dose


as well as excluding certain recurring and nonrecurring adjustments for comparable GAAP measures, investors have an additional meaningful measurement of the company's performance.

as well as excluding certain recurring and nonrecurring adjustments from comparable gaap measures investors have an additional meaningful measurement of the company's performance


albeit the targets get slightly more difficult as time goes on. But one would hope that also a investment in tree cutting, an investment in lines and all the rest of it.

albeit the targets get slightly more difficult as time goes on but one would hope that also investment in tree cutting and investment in lines and all the rest of it


and it's that platform plus Gen-009 and the products that we generate from it that create nondilutive financing opportunities with which we can advance the company.

and it's that platform plus gen9 and the products that we generate from it that create nondilutive financing opportunities with which we can advance the company


that the clinical response patients mount to disease while being treated with checkpoint inhibitors is


that we are taking India out of our financial core communication around our development of the business.

that we are taking india out of our financial -- core communication around our development of the business


So we think we've got a business model to manage that about as well or better than anyone in our industry. We don't expect it to happen, but we're ready for it.

so we think we've got a business model to manage that about as well or better than anyone in our industry we don't expect it to happen but we're ready for it


your business did so well in '16, it provides a tough comp. Can you give us just kind of like the building blocks, like bigger building blocks of puts and takes?

your business did so well in '16 it provides a tough comp can you give us just kind of like the building blocks like bigger building blocks of puts and takes


We believe that silencing of the disease gene will prevent production of the abnormal protein, and thereby, slow or stop progression of the liver fibrosis.

we believe that silencing of the disease gene will prevent production of the abnormal protein and thereby slow or stop progression of the liver fibrosis


We were slightly ahead of our expectations with our adjusted level of service with Amazon, which is a result of our continued good service and partnership that exists.

we are slightly ahead of our expectations with our adjusted level of service with amazon which is a result of our continued good service and partnership that exists


Then more products and services can be offered to achieve happy life. Thank you, Mr. Wang. Because of time, we will take the last question here,

then more products and services can be offered to achieve happy life thank you mr wang because of time we will take the last question here


This segment is gearing up its production capabilities as product approvals are granted so that we can readily provide new and additional products.

this segment is gearing up its production capabilities as product approvals are granted so that we can readily provide new and additional products


On the graph, we have -- in the slide, we can see the evolution of expenses in the period, where you can see that during the first half of the year, savings coming from the beginning

on the graph we have in the slide we can see the evolution of expenses in the period where you can see that during the first half of the year savings coming from the beginning


full price for it. We would expect to pay one assuming that their synergies that correlate to those as well. So our perspective on it really hasn't changed.

full price for it we would expect to pay one assuming that there's synergies that correlate to those as well so our perspective on it really hasn't changed


constrained in a major way by the designation. But would losing the SIFI label affect your approach to capital or just your overall business strategy?

constrained in a major way by the designation but would losing the sifi label affect your approach to capital or just your overall business strategy


software and professional service. Lastly, I would like to make some comments on tax reform generally and the impact on Waters specifically.

software and professional service lastly i would like to make some comments on tax reform generally and the impact on water specifically


For over 10 years, geographic diversification opportunities outside of Western Canada have been sought to significantly enhance our future growth opportunities

for over 10 years geographic diversification opportunities outside of western canada have been sought to significantly enhance our future growth opportunities


as well as the doubling up of certain costs that will continue while we transition property management and leasing in-house and exit existing third-party management contracts.


This is not to say that we'll never be impacted by these factors, but this chart suggests there may be some structural barriers to Internet sales penetration in Hawaii.

this is not to say that we'll never be impacted by these factors but this chart suggests there may be some structural barriers to internet sales penetration in hawaii


now have many, many place to sell. And PayPal is connecting those small businesses to the many places they sell. Some of those might be e-commerce enablement platforms like some of the ones you mentioned.

now have many many places to sell and paypal's connecting those small businesses to the many places they sell some of those might be e-commerce enablement platforms like some of the ones you mentioned


And we opportunistically tapped the capital markets to issue new senior notes to redeem our legacy trust preferred securities at a lower all-in cost.

and we opportunistically tapped the capital markets to issue new senior notes to redeem our legacy trust preferred securities at a lower all-in cost


And so we don't think that is in a major exposure. I mean, Walter, my one reaction to that is, the company is selling themselves

and so we don't think that isn't a major exposure i mean walter my one reaction to that is the company is selling themselves


This increase was primarily due to expected increases in growth investments, higher advertising expenses and higher variable cost due to the increased revenue.

this increase was primarily due to expected increases in growth investments higher advertising expenses and higher variable costs due to increased revenue


This is a very important milestone for the owner, Eskom, our customers and SPX as well, signifying another step forward in the process.

this is a very important milestone for the owner escom our customers and spx as well signifying another step forward in the process


Selling expenses as a percentage of home sales revenue improved primarily as a result of operating leverage realized related to advertising costs and increased revenue.

selling expenses as a percentage of home sales revenue improved primarily as a result of operating leverage realized related to advertising costs and increased revenue


in the compensation the company is permitted to pay. So present comp levels remain only if they hit an 80% figure, which is very significant.

in the compensation the company is permitted to pay so present comp levels remain only if they hit an 80% figure which is very significant


This lower leverage allowed us to reduce interest expense and provides increased financial flexibility to invest more aggressively to drive accelerated growth.

this lower leverage allowed us to reduce interest expense and provides increased financial flexibility to invest more aggressively to drive accelerated growth


whereas to develop from scratch, completely new infrastructure requires a tremendous amount of investment, probably tens of billions of dollars

whereas to develop from scratch completely new infrastructure requires a tremendous amount of investment probably tens of billions of dollars


Our margin performance and increased investment in marketing has been made possible by embedding a culture of productivity improvement throughout the business.

our margin performance and increased investment in marketing has been made possible by embedding a culture of productivity improvement throughout the business


Are you seeing any change in the competitive landscape at all? I mean, is there anything that you are reacting to with regards to that? Thank you,

are you seeing any change in the competitive landscape at all and is there anything that you are reacting to with regards to that thank you


It does enable those economics because we work with clients to ensure that the formularies that are in place are things they believe in. And for those clients -- it particularly helps our economics with those clients who work with us

it does enable those economics because we work with clients to ensure that the formularies that are in place are things they believe in and for those -- it particularly helps our economics with those clients who work with us


And then on the second part of your question in terms of interest in entering a new therapeutic area. I think if you think

and then on the second part of your question in terms of interest in entering a new therapeutic area i think if you think


We continue to develop our robust wind pipeline with global opportunities with current and new customers, both onshore and offshore blades.

we continue to develop our robust wind pipeline with global opportunities with current and new customers both onshore and offshore blades


Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.

ladies and gentlemen that does conclude the conference call for today we thank you for your participation and ask that you please disconnect your lines


been a bit better than probably what we would have expected in terms of the weather, but again, still very early. Colorado and Utah, I would say are very much in line.

been a bit better than probably what we would have expected in terms of the weather but again still very early colorado and utah i would say are very much in line


Health care practitioners continue to invest in deploying technologies to improve efficiencies and efficacies in order to minimize cost,

health care practitioners continue to invest in deploying technologies to improve efficiencies and efficacy in order to minimize costs


they just can't around to. I think that probably would be true at the Royal Bank as well. Even though we can't get into the Canadian business,

they just can't get around to i think that probably would be true at the royal bank as well even though we can't get into the canadian business


Revenue per student also increased between years due to an increase in ancillary revenues, resulting from the increase in the percentage of traditional students living on campus.

revenue per student also increased between years due to an increase in ancillary revenues resulting from the increase in the percentage of traditional students living on campus


closed a bit earlier than expected? It's a good thing to have the deals coming. I just -- with the seasonality and having this such a strong quarter in the second quarter, I didn't know if any deals came

closed a bit earlier than expected it's a good thing to have the deals coming and just with the seasonality and having such a strong quarter in the second quarter i didn't know if any deals came


The secular shifts we have observed in housing continued to influence consumer behavior, and we believe we are well positioned for the associated opportunities that lie ahead.

the secular shifts we have observed in housing continue to influence consumer behavior and we believe we are well positioned for the associated opportunities that lie ahead


We've done an outstanding job, and I really congratulate the people that have been involved in this on our side, in making sure we have supply, because these are subcomponents that go into our products

we've done an outstanding job and i really congratulate the people that have been involved in this on our side is making sure we have supply because these are subcomponents that go into our products


a lot of what we're talking about here has really accelerated very dramatically in the second half of this calendar year. So that's pretty late in the equation.

a lot of what we're talking about here has really accelerated very dramatically in the second half of this calendar year so that's pretty late in the equation


they tend to be volatile just by virtue, again, of their smaller size and when something

they tend to be volatile just by virtue again of their smaller size and when something


But I don't -- again, I think that's going to be well managed, as that business expands, so will the gross profit. It will more than cover the investments we need to make

but i don't -- again i think that's going to be well managed as that business expands so will the gross profit and it will more than cover the investments we need to make


you go from being reactive and responsive to being more predictive and addressing the root cause and remediating it. And

help you go from being reactive and responsive to being more predictive and addressing the root cause and remediating it and


yes, I realize you've been there a very short time, but what needs to happen in terms of -- is the product portfolio ready to go in that regard? Is the sales organization set up to be able to do that?

yes i realize you've been there a very short time but what needs to happen in terms of -- is the product portfolio ready to go in that regard is the sales organization set up to be able to do that


comments on that and then I'll hand over to David to talk about EBITDAR and the cash balance. I think the simple answer on

comments on that and then i'll hand over to david to talk about ebitda and the cash balance i think the simple answer on


Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. John Mills with ICR. Please go ahead.

today's conference is being recorded at this time i would like to turn the conference over to mr john mills with icor please go ahead


which benefited from product mix in ag, improved segment mix as a larger percentage of our revenue was coming from our International segment

which benefited from product mix in ag improved segment mix as a larger percentage of our revenue was coming from our international segment


we have been and will continue to monitor the forward curve to determine whether or not to swap a portion of our floating debt to fixed in the future.

but we have been and will continue to monitor the forward curve to determine whether or not to swap a portion of our floating debt to fixed in the future


Cash generation remains the key focus for the group, and we will therefore continue to seek ways to maximize the cash generation from the group.

cash generation remains the key focus for the group and we will therefore continue to seek ways to maximize the cash generation from the group


I think our ops team continue to work hard to really work on their operating efficiencies and it's obvious that they're protecting each other, which is incredibly important.

i think our ops teams continue to work hard to really work on their operating efficiencies and it's obvious that they're protecting each other which is incredibly important


We will update on this new metric from quarter-to-quarter. However, it will be volatile during the year as the video game business has more seasonality than tech brands.

we will update on this new metric from quarter-to-quarter however it will be volatile during the year as the video game business has more seasonality than tech brands


ensuring diamond provenance from mine through to finger and driving huge efficiencies and unlocking value for all stakeholders.

ensuring diamond provenance from mine through the finger and driving huge efficiencies and unlocking value for all stakeholders


And we believe that the current profitability combined with dividend levels will be sufficient

and we believe that the current profitability combined with dividend levels will be sufficient


should the market come back, we're going to be better positioned to outperform. And if the market continues to be strong, we should be better

should the market come back we're going to be better positioned to outperform and if the market continues to be strong we should be better


Through most of April, we were on track to achieve the midpoint of our sales guidance range. However, we then saw some softening in May.

through most of april we were on track to achieve the midpoint of our sales guidance range however we then saw some softening in may


I think Dietmar, you just touched upon it there, but this wasn't something I had in my memory for a reason for poor margins in the past. So can you just talk about some of these quality issues and

i think you just touched upon it there but this wasn't something i had in my memory for a reason for poor margins in the past so can you just talk about some of these quality issues and


in other material costs that we are seeing, as well as continued greater labor efficiencies that we're getting with our production processes in our neighborhoods

and other material costs that we're seeing as well as continued greater labor efficiencies that we're getting with our production processes in our neighborhoods


to hold total production relatively constant, highlighting the quality of our assets by delivering sustainable production with low maintenance requirements.

to hold total production relatively constant highlighting the quality of our assets by delivering sustainable production with low maintenance requirements


the cost side, opportunities at the store level. But the biggest opportunity to continue to increase is the mix of the corporate stores we have,

on the cost side opportunities at the store level but the biggest opportunity to continue to increase that is the mix of the corporate stores we have


spoiler statement, but you say there can be no assurance on the intended benefits being achieved on any proposed timetable or at all with regards Africa. So on the separation, I mean,

boilerplate statement but you say there can be no assurance on the intended benefits being achieved on any proposed timetable or at all with regards africa so on the separation i mean


Growth in annual revenues was mainly the result of rate increases in our Florida and Arizona Encore resorts, combined with occupancy increases in the Thousand Trails portfolio.

growth in annual revenues was mainly the result of rate increases in our florida and arizona encore resorts combined with occupancy increases in the thousand trails portfolio


you saw the personnel change in Washington, D.C. in the executive branch. And you saw what happened over the first month that they were in office. And how many

you saw the personnel change in washington d c in the executive branch and you saw what happened over the first month that they were in office and how many


work that we've been doing in that business. There's certainly some overlap with our cosmetic business that could potentially afford us some new growth opportunities.

work that we've been doing in that business there's certainly some overlap with our cosmetic business that could potentially afford us some new growth opportunities


The second one is the new program that we have launched today. I want to tell you a little bit more about the details of that one.

the second one is the new program that we have launched today i want to tell you a little bit more about the details of that one


though our results improvement in India last year was based on the restructuring activities, not on the top line growth.

though our result improvement in india last year was based on the restructuring activities not on the top line growth


relationship manager that have now converted their client book into the advisory models have a portal in the morning that they access to,


really conservatively managing the distribution. Obviously, we increased at a very high pace this year. I think this year we just want to be a little more contemplative in terms of the future increases.

really conservatively managing the distribution obviously we increased at a very high pace this year i think this year we just want to be a little more contemplative in terms of future increases


we developed various programs focused on training, product assortment, merchandising and marketing to increase the level of service to the Pro customer.

we developed various programs focused on training product assortment merchandising and marketing to increase the level of service to the pro customer


The loads have improved, the volumes have improved, as I've mentioned to you earlier. But the yields that the airlines are able to generate

the loads have improved -- the volumes have improved as i've mentioned to you earlier but the yields that the airlines are able to generate


on revenue growth, we think our long-term model in the midteens really is just based on our ability to execute on this large market opportunity we have.

on revenue growth with our long-term model in the mid-teens really is just based on our ability to execute on this large market opportunity we have


Notably, during volatile wholesale price environments, our retail business has historically experienced growth as customers switch providers due to higher bills.

notably during volatile wholesale price environments our retail business has historically experienced growth as customers switch providers due to higher bills


Our results are also supported by our steadily improving European business, which had another excellent quarter.

our results are also supported by our steadily improving european business which had another excellent quarter


as a portion of our foreign earnings will be subject to U.S. taxes on an ongoing basis and certain deductions will be reduced or eliminated.

as a portion of our foreign earnings will be subject to u s taxes on an ongoing basis and certain deductions will be reduced or eliminated


where you will also find our press release which contains supporting details including reconciliations of non-GAAP information referred to in the release and on this call.

where you will also find our press release which contains supporting details including reconciliations of non-gaap information referred to in the release and on this call


which enables clients to store and manage information in a self-service central repository, so that compliance and regulatory documents can easily

which enables clients to store and manage information in a self-service central repository so that compliance and regulatory documents can easily


And in the syndicated, as an example, one of them was syndicated -- it syndicated eventually, but it really started as a private intro

and in the syndicated -- as an example one of them was syndicated eventually but it really started as a private intro


Talking on that sale for a minute, we told you historically that we've been looking for opportunities to monetize our private portfolio if and only if

tucking on that sale for a minute we told you historically that we'd be looking for opportunities to monetize our private portfolio if and only if


Right. So we just want to maybe get a little bit color on like what are you seeing on the acquisition

right so we just want to maybe get a little bit color on like what are you seeing on the acquisition


we really began to focus on performance management as a firm. And if you look at the slides that you're referring to as well, I think, in the first quarter deck, you see a gradual

we really began to focus on performance management in the firm and if you look at the slides that you're referring to as well i think in the first quarter deck you see a gradual


Irrespective of the revenue decline, we are quite encouraged with what we are seeing in Heidrick Consulting. They are showing steady improvements in the business, including an increase in their pipeline.

irrespective of the revenue decline we are quite encouraged what we are seeing in hydro consulting they are showing steady improvements in the business including an increase in their pipeline


And so I want to be sure that we are precise on that. It does not mean that every transaction was like that during that time period.

and so i want to be sure that we are precise on that it does not mean that every transaction was like that during that time period


However, we remain optimistic about the longer-term fundamentals for the tissue business and the growing trend of consumer preference for private label brands.

however we remain optimistic about the longer-term fundamentals for the tissue business and the growing trend of consumer preference for private label brands


decline was primarily a result of the aforementioned bankruptcy filing and a change in the supply chain of a significant customer,

the decline was primarily a result of the aforementioned bankruptcy filing and a change in the supply chain of a significant customer


So thinking about the policies and based on our policies, we need to create an environment -- we created an environment back in 2018 so that we could

so thinking about the policies and based on our policies we need to create an environment -- we created an environment back in 2018 so that we could


always within the perspective that we want to create value and continue to focus also on the service market revenue share of the total.


that we're not only losing new patients, but there are some countries in Scandinavia and even some other larger countries that are beginning to think about

that we're not only losing new patients but there are some countries in scandinavia and even some other larger countries they're beginning to think about


Risk Factors, Management Discussion and Analysis of Financial Conditions and Results of Operations set forth in Investors Bancorp's filings with the SEC.

risk factors management discussion and analysis of financial conditions and results of operations set forth in investor bancorp's filings with the sec


Also, please note that on April 11, our management team will be hosting an Investor Day in New York City. Institutional investors and analysts are encouraged to attend,

also please note that on april 11 our management team will be hosting an investor day in new york city institutional investors and analysts are encouraged to attend


partially offset by an impact from the contract restructuring on Tiger as well as lower rates on some of our pipelines due to weaker basis spreads and mild weather.

partially offset by an impact from the contract restructuring on tiger as well as lower rates on some of our pipelines due to weaker basis spreads and mild weather


presented. And I think they're honing in on this target range, a bit more based on the efficacy that they saw and the trough levels

presented and i think they're honing in on this target range a bit more based on the efficacy that they saw and the trough levels


the exposure that we have are very small. In addition to that, and the type of lending that we do in the clean energy area is dramatically different than

the exposure that we have is very small in addition to that and the type of lending that we do in the clean energy area is dramatically different than


Key focus areas in this category, in addition to our standard fraud and security offerings, include scaling profitability,

key focus areas in this category in addition to our standard fraud and security offerings include scaling profitability


we'll be the beneficiary of being able to stand back and analyze that before we set up our stage spacing. I think,

we'll be the beneficiary of being able to stand back and analyze that before we set up our stage spacing i think if


realizes that they have the ability to go change their margin structure and potentially get the work as well. So we started that a year ago.

realizes that they have the ability to go change their margin structure and potentially get to work as well so we started that a year ago


And lastly, in your third initiative, could you expand upon the opportunities and what you're looking at in the private sector?

and lastly in your third initiative could you expand upon the opportunities and what you're looking at in the private sector


But it was literally the quarterly flow for this year with international revenues was exactly what we expected.

so it was literally the quarterly flow for this year with international revenues was exactly what we expected


Generally speaking, we've been able to pass along pricing increases due to the strong demand, which has been offsetting

generally speaking we've been able to pass along pricing increases due to the strong demand which has been offsetting


And excluding the industry headwinds we are encountering in Denver, we are pleased with the results to-date and remain optimistic about the potential of our media efforts.

and excluding the industry headwinds we are encountering in denver we are pleased with the results to date and remain optimistic about the potential of our media efforts


In the food and beverage industry, you will see that many people actually thought of the great products already.

in the food and beverage industry you will see that many people actually thought of the great products already


which has increased considerably the management of heavily dependent residents on an


Okay. All right. And well, I'm glad to know that we have those options and that the government can't control the fact if they wanted to do it

okay all right and well i'm glad to know that we have those options in that -- that the government can't control the fact if they wanted to do it


And again, as a reward for our customers -- not an incentive, as a reward for being a good citizen,

and again as a reward for our customers not an incentive as a reward for being a good citizen


And I wanted to touch on the BLACK HAWK program for a second. I'm looking at the fiscal '17 budget and a shift down in production. I know it's just a proposal at this point, but

and i wanted to touch on the blackhawk program for a second and looking at the fiscal '17 budget and the shift down in production i know it's just a proposal at this point but


one of the things that we've talked about over the course of time is that we really did kind of slow our selling efforts in the business as we were focused on getting


Our management deals highlight the strong value of our brand and provide our partners with a unique opportunity to leverage our restaurant and hospitality experience.

our management deals highlight the strong value of our brand and provide our partners with a unique opportunity to leverage our restaurant and hospitality experience


but I feel good about really how we're executing it today. I feel good about the growth pace and are continuing to attract talent mostly from the larger companies.

but i feel good about really how we're executing it today i feel good about the growth pace and our continued to attract talent mostly from the larger companies


of the business in the coming months. We are monitoring developments very closely and we'll continue to respond quickly and flexible to any changes.

of the business in the coming months we are monitoring developments very closely and will continue to respond quickly and flexible to any changes


the best way to think about those is we're in the first or second inning of what we can do there.


the lower end of the market or the smaller players out there eventually get consolidated? And are you coming across them in the field competitively?

the lower end of the market or the smaller players out there eventually get consolidated and are you coming across them in the field competitively


In closing, we are off to the strongest start of the year since going public. We had record bookings this quarter and sold more in the first half of this year than we did all of last year.

in closing we are off to the strongest start of the year since going public we had record bookings this quarter and sold more in the first half of this year than we did all of last year


for 2018. With the exception of the increase in our metered power reimbursements range, the changes to our ranges are attributable to a change in our assumption

2018 with the exception of the increase in our meter power reimbursements range the changes to our ranges are attributable to a change in our assumptions


more rapid decline in industry conditions. So you're comping against still a fairly favorable quarter last year.

more rapid decline in industry conditions so you're comping against still a fairly favorable quarter last year


We've mentioned a couple of times now that we are expecting to see some additional supply come to the Karratha market, ahead of upcoming construction-related demand,

we've mentioned a couple of times now that we are expecting to see some additional supply come to the paratha market ahead of upcoming construction-related demand


that just by the nature of it that the margin availability is so much lower than other kinds of minutes of use that it just dilutes the margins overall.

that just by the nature of it that the margin of ld is so much lower than other kinds of minutes of use that it just dilutes the margins overall


where they make the investment decisions our insureds. So if you look at the investments, we can say that the situation is quite different from what happened last year

where they make the investment decisions are insured so if you look at the investments we can say that the situation is quite different from what happened last year


for more information on the specific risk factors that could cause our actual results to differ materially from the projections described in today's discussion.


We are now nearing the completion of 2 new Fluid Power manufacturing plants constructed at existing Gates locations,

we are now nearing the completion of 2 new fluid power manufacturing plants constructed at existing gates locations


as well as in emerging markets, particularly China where the growth in the age portion of the fleet is very favorable.

as well as in emerging markets particularly china where the growth in the age portion of the fleet is very favorable


At any rate, we believe that veterinarians are very excited to have ENTYCE in their toolbox, and we are very pleased to see veterinarians using the therapeutic tool.

at any rate we believe that veterinarians are very excited to have entice in their toolbox and we are very pleased to see veterinarians using the therapeutic tool


I give you an example for what we thought was going to occur in fourth quarter from customers. They actually only spent about 58% of the total.

they give you an example for what we thought was going to occur in fourth quarter from customers they actually only spent about 58% of the total


Our extensive land portfolio allows us to be patient and opportunistic to target the right lots in the right locations at the right price.

our extensive land portfolio allows us to be patient and opportunistic to target the right lots in the right locations at the right price


We trust that the regulators will continue to consider access to products and the importance of advice, particularly for small investors as they consult on these important issues.

we trust that the regulators will continue to consider access to products and the importance of vice particularly for small investors as they consult on these important issues


We have to have the technology training pathways and resources in place. The proctoring networks will be built over time. Our sales team has to get deep with our customer.

we have to have the technology training pathways and resources in place the proctoring networks will be built over time our sales team has to get deep with our customer


I would say that keeping into account the new rules and the new investments that we are going to start

i would say that keeping into account the new rules and the new investments we are going to start


can you give us a sense for the timing of when we might see 10, 20 basis point impact on any of the margin line items?

can you give us a sense for the timing of when we might see 10 20 basis point impact on any of the margin line items


we will see the investment in legal as an expense recognized in our income statement first and then in subsequent quarters see the corresponding cash collections.


So all in all, in this period of dramatic interest rate decline, the bank has been able to grow net interest income by

so all in all in this period of dramatic interest rate decline the bank has been able to grow net interest income by


It helps shift to more recurring revenue and helps improve the CAC ratios. At the same time, we're looking at a number of different approaches to cost containment,

it helps shift to more recurring revenue and helps improve the cac ratios at the same time we're looking at a number of different approaches to cost containment


it's pretty stable. So you can never say never. But as far as these issues are concerned, that we're dealing with at the moment, we think we have them

it's pretty stable so you can never say never but as far as these issues are concerned that we're dealing with at the moment we think we have them


as people comes to resorts to buy lift tickets, we pick up their data and then are able to create a relationship with them. So then we start to communicate to people who are in that market

as people come to the resort to buy lift tickets we pick up their data and then are able to create a relationship with them so then we start to communicate to people who are in that market


the Department for Work and Pensions. Qualitatively, what I can say is that we're making meaningful progress on the contract on all key factors.

the department for work and pensions qualitatively what i can say is that we're making meaningful progress on the contract on all key factors


also known as HAAS. As Rick mentioned, certain features of the HAAS contract have been modified to better align with the client's programmatic objectives.

also known as haas as rick mentioned certain features of the haas contract have been modified to better align with the client's programmatic objectives


more Phase I expense next year. And now we're bringing some of that forward to enable us to see and get the results from early human trials sooner, which we think it's definitely

more phase i expense next year and now we're bringing some of that forward to enable us to see and get the results from early human trials sooner which we think is definitely


Further, we continue very active discussions with potential customers at both the federal and state level to utilize our idle facilities and available capacity.

further we continue very active discussions with potential customers at both the federal and state level to utilize our idle facilities and available capacity


and reinforce our strategic priorities going forward. Then I'll turn the call over to Roz and Belinda to report on our Q3 operating performance in each of our 2 key markets,

and reinforce our strategic priorities going forward then i'll turn the call over to roz and belinda to report on our q3 operating performance in each of our 2 key markets


So in fiscal '17, we will invest more behind these growth drivers with a digitally led plan to drive even more brand awareness.

so in fiscal '17 we will invest more behind these growth drivers with a digitally led plan to drive even more brand awareness


The transition is progressing on schedule and on budget, and based on our current visibility, we expect to begin capitalizing on efficiencies from this deployment,

the transition is progressing on schedule and on budget and based on our current visibility we expect to begin capitalizing on efficiencies from this deployment


In addition to the consolidation of segments referred to above and the renaming, we also provide OTT streaming and related digital revenues.

in addition to the consolidation of segments referred to above and the renaming we also provide ott streaming and related digital revenues


So I don't see it as a real big impact on TotEx. I think if there was a change in government policy as to how this stuff was funded

so i don't see it as a real big impact on totx i think if there was a change in government policy as to how this stuff was funded


We remain confident in our belief that the balance of the year will show year-on-year growth and demonstrate the benefits of the strategic decisions I just referenced.

we remain confident in our belief that the balance of the year will show year-on-year growth and demonstrate the benefits of the strategic decisions i just referenced


well as some of the pricing pressure in the market. Just what was the rough split there? And why are you so confident about recovering most of it in the second half? So we have some

as well as some of the pricing pressure in the market just what was the rough split there and why are you so confident about recovering most of it in the second half so we have some


the outlook of the business is adequate relative to what the insiders know when they're doing a transaction. If you guys weren't doing these transactions,

the outlook of the business is adequate relative to what the insiders know when they're doing a transaction if you guys weren't doing these transactions


including certain operational and financial processes. In addition to a number of cost reduction programs to reposition the company to become profitable at a lower level of net sales,

including certain operational and financial processes in addition to a number of cost reduction programs to reposition the company to become profitable at a lower level of net sales


and we were allowed to receive payments again, we just had to essentially do the housekeeping associated with unblocking everything and putting all of that behind us.

and we were allowed to receive payments again we just had to essentially do the housekeeping associated with unblocking everything and putting all of that behind us


Today, My MTS is not just an instrument for the customers to cover basic operations like checking their balance or topping up mobile accounts, it is a comprehensive offering.

today my mts is not just an instrument for the customers to cover basic operations like checking their balance or topping up mobile account it is a comprehensive offering


the folks that we hired last year being on the books in January -- in February, March and April of this year but not last year, so the annualization of new hires, et cetera.

the folks that we hired last year being on the books in january -- in february march and april this year but not last year so the annualization of new hires et cetera


Third is China because if you get the PORs with the 2 big Korean players, half the market in China is really memory from

third is china because if you get the pors with the 2 big korean players half the market in china is really memory from


go into production of drill holes, go immediately into production. And if they don't go into production, there is no fracking. So that's why we say it's indirect.

go into production or drilled holes go immediately into production and if they don't go into production there is no fracking so that's why we say it's indirect


In connection with such review, together with our financial adviser, Lazard, we approached a significant number of potential acquirers of the company.

in connection with such review together with our financial adviser lazard we approached a significant number of potential acquirers of the company


something which is increasingly sought by our customers. Physician RCM is, therefore, strategically very important to us as we think about tying together

something which is increasingly sought by our customers physician rcm is therefore strategically very important to us as we think about tying together


we specifically disclaim any obligation to do so even if our views change. I will now turn the call over to Antony. Thank you, Donald.

we specifically disclaim any obligation to do so even if our views change i will now turn the call over to antony thank you donald


So the EU has also -- the European Commission has also taken some steps. So there is a window in which you can send steel into Europe as long as it is

so the eu has also the european commission has also taken some steps so there is a window in which you can send steel into europe as long as it is


The prelaunch development time sales cycle and validation period for our Materials Handling battery line has taken us some time.

the prelaunch development time sales cycle and validation period for our materials handling battery line has taken us some time


STRATA salespeople currently are undergoing training so they can effectively sell the Nordlys. In addition, we will be adding highly qualified personnel to support the marketing effort.

strata salespeople currently are undergoing training so they can effectively sell to the newborns in addition we will be adding highly qualified personnel to support the marketing effort


we did defer a little bit of silviculture in Q1 that's going to get pushed to Q2. So that's about half of it. The other half is really just around timing of vessel shipments. And so

we did defer a little bit of silviculture in q1 that's going to get pushed to q2 so that's about half of it the other half is really just around timing of vessel shipments and so


input by putting them in places where there was a very strong focus on ambulatory care that already existed. And so -- I mean, I would just tell you -- I don't want to

input by putting them in places where there was a very strong focus on ambulatory care that already existed and so i mean i would just tell you well i don't want to


So a very low acquisition cost per ounce that we anticipate as a result of recategorization of mineral resources and as a result of drilling

so a very low acquisition cost per ounce that we anticipate as a result of recategorization of mineral resources and as a result of drilling


and to improve risk management with a focus on financial crime, market conduct, and mitigating other regulatory risks.

and to improve risk management with a focus on financial crime market conduct and mitigating other regulatory risks


With respect to West Africa, it's our view that the conception of entering that market through a partnership arrangement is valid.

with respect to west africa it's our view that the conception of entering that market through a partnership arrangement is valid


given the different dynamics in those markets. So we do think there will be ability to gain some price in emerging markets as a result of that pressure from foreign currency.

given the different dynamics in those markets so we do think there will be ability to gain some price in emerging markets as a result of that -- that pressure from foreign currency


As Sean noted, our integration and operating costs are expected to continue through the second and into the third quarter, as we fully integrate last year's acquisitions.

as sean noted our integration and operating costs are expected to continue through the second and into the third quarter as we fully integrate last year's acquisitions


this number is going to move around a little bit because it will depend on the mix of the brands and the locations that are being renovated. So obviously,

this number is going to move around a little bit because it will depend on the mix of the brands and the locations that are being renovated so obviously


and last but not least, a live-action scanning tool on mobile so traders can identify unusual options activity and volatility while on the go.

and last but not least a live action scanning tool on mobile so traders can identify unusual options activity and volatility while on the go


to make sure that they are now approved in this country. This has really slowed down the production of some of these items that we're producing.

to make sure that they are now approved in this country this has really slowed down the production of some of these items that we're producing


We are incredibly proud of this honor and believe it is a true testament to our systems and processes, which have allowed us to grow in scale over the years.

we are incredibly proud of this honor and believe it is a true testament to our systems and processes which have allowed us to grow and scale over the years


Our people have all worked together to create a solid globally recognized leadership position and significant opportunities for the future.

our people have all worked together to create a solid globally recognized leadership position and significant opportunities for the future


real benefit to doing that because there are no significant therapies. Many of these women suffer from significant pain. In fact, I

no real benefit to doing that because there are no significant therapies many of these women suffer from significant pain in fact i


I don't think we've seen the full effect on cost of goods sold yet. I think that we've got some maturity to do there -- to go there.

i don't think we've seen the full effect on cost of goods sold yet i think we've got some maturity to do there -- to go there


He shares many of our same values, including a focus on creating shareholder value and maintaining a strong balance sheet. I will now turn the call over to Pam to walk through the financials.

he shares many of our same values including a focus on creating shareholder value and maintaining a strong balance sheet i will now turn the call over to pam to walk through the financials


We do continue to see good growth opportunities across our franchise, both in our core banking markets and specialized businesses.

we do continue to see good growth opportunities across our franchise both in our core banking markets and specialized businesses


view of the world if you like. But essentially, we don't think there's very much in terms of rate increases in the future, but we do expect one in the fourth quarter.

view of the world if you like but essentially we don't think there's very much in terms of rate increases in the future but we do expect one in the fourth quarter


you're facing the impact of your second-largest client having repriced, plus you're looking at the impact of the normal trends that occur and you build up a lot of costs.

you're facing the impact of your second largest client having repriced plus you're looking at the impact of the normal trends that occur and you build up a lot of cost


Such risks and other factors are described in our Form 10-K and other periodic reports as filed with the Securities and Exchange Commission.

such risks and other factors are described in our form 10-k and other periodic reports as filed with the securities and exchange commission


The decline in occupancy was more than offset by contribution from annual rent escalators and leases commencing with higher cash rents.


We have shown already in 3 types of cancer that the controlled IL-12 is a powerful platform that can turn cold tumors hot. In other words,

we have shown already in 3 types of cancer that the controlled il-12 is a powerful platform that can turn cold tumors hot in other words


We have also launched our Monro University training program pilot, an important initiative in our strategy to attract and retain the right talent.

we have also launched our monroe university training program pilot an important initiative in our strategy to attract and retain the right talent


And then the third bucket would be the bonuses and any other expenses that you would expect to not recur beyond 2018. Yes,

and then the third bucket would be the bonuses and any other expenses that you would expect to not recur beyond 2018


And that has subsequently led to an increase in this -- what we refer to as the conversion of referrals to admissions in many of our markets.

and that has subsequently led to an increase in this what we refer to as the conversion of referrals to admissions in many of our markets


generally consistent in terms of our production activities. I mean, the key the react for Iraq will be ongoing investment to build up

generally consistent in terms of our production activities i mean the key to react -- for iraq will be ongoing investment to build up


the process of driving organic growth through customer-focused innovation is something I'm very familiar with and will continue to emphasize here at Platform.

the process of driving organic growth through customer-focused innovation is something i'm very familiar with and will continue to emphasize here at platform


but we've clearly made these adjustments. So I'm relatively bullish on some of these markets. There are some other markets we have to be careful about. South Africa, obviously,

but we've clearly made these adjustments so i'm relatively bullish on some of these markets there are some other markets we have to be careful about south africa obviously


Okay. And then as you speak with your local advertisers about their hesitation to be back in the market now,

okay and then as you speak with your local advertisers about their hesitation to be back in the market now


Part of that's going to be the expansion of the DTC effort this year. I think the other piece, as I look forward, is being able to activate more patients

part of that's going to be the expansion of the dtc effort this year i think the other pieces i look forward is being able to activate more patients


And finally, we do also see that not all the declines in that segment are in the same difficult position. Others have been able to diversify their

and finally we do also see that not all the clients in that segment are in the same difficult position others have been able to diversify their


to add new restaurants to the Royalty Pool. So this year, on January 1, Pizza Pizza Limited added restaurants that had

to add new restaurants to the royalty pool so this year on january 1 pizza pizza limited added restaurants that had


But there's a significant amount of spend above the line. A lot of that is different from the way we spend at Conagra trade above the line, which is really in high-quality

but there's a significant amount of spend above the line a lot of that is different from the way we spend at conagra trade above the line which is really in high quality


Yes, I mean, there's no real significant investments going in the energy business at the moment. What I was alluding to was we will

yes i mean there's no real significant investments going in the energy business at the moment what i was alluding to was we will


Because I believe that in the future, these hardwares will no longer exist, like the plastic will cease to exist in the future. But

because i believe that in the future these hardwares will no longer exist like the plastic will cease to exist in the future but


The company makes no commitment and disclaims any duty to update or revise any forward-looking statements to reflect future events, new information or changes in these expectations.

the company makes no commitment and disclaims any duty to update or revise any forward-looking statements to reflect future events new information or changes in these expectations


I know, the SBA product is also protected as you guys just mentioned and that's very unique to your platform. But it seems like Fannie would be a very natural fit and extension for you guys.

i know the sba product is also protected as you guys just mentioned and that's very unique to your platform but it seems like fannie would be a very natural fit and extension for you guys


This concludes today's call. Thank you for your participation. You may now disconnect your lines, and have a wonderful day.

this concludes today's call thank you for your participation you may now disconnect your lines and have a wonderful day


both on the private and the public side. And I think our people are working really hard every day to improve our business. So these are exciting times.

both on the private and the public side and i think our people are working really hard every day to improve our business so these are exciting times


So that's why you -- I have to tell you that I cannot give you concrete guidance on the development that you'll see here further.

so that's why you -- i have to tell you that i cannot give you concrete guidance on the development that you see here further


The pricing environment remained solid. We implemented a moderate price increase in late January and saw nice realization.

the pricing environment remains solid we implemented a moderate price increase in late january and saw nice realization


such as those factors referenced in our discussion today. Our forward-looking statements speak only as of today, and we disclaim any obligation to update them even if our views change.

such as those factors referenced in our discussion today our forward-looking statements speak only as of today and we disclaim any obligation to update them even if our views change


Executing against the strategic vision will require concerted action and select investments, which I am driving forward across the business.

executing against the strategic vision will require concerted action and select investments which i'm driving forward across the business


than we were able to announce immediately upon unblinding. I can't say anything more about the numbers because these things have to be peer-reviewed and presented in the proper

then we were able to announce them immediately upon unblinding i can't say anything more about the numbers because these things have to be peer-reviewed and presented in the proper


larger competitors continue to consolidate, all it does is really just emphasize our strategy and make our strategy a little easier and a little clearer

larger competitors continue to consolidate all it does is really just emphasize our strategy and make our strategy a little easier and a little clearer


given where we are right now, even if, for some reason, they make an interim decision, we don't want any of that in our numbers going -- for the balance of the year. We kind of feel bad that we had that in there.

given where we are right now even if for some reason they make an interim decision we don't want any of that in our numbers going for the balance of the year we kind of feel bad that we had that in there


And during the course of the year, we were pleased to have PERCEPTIVE ADVISORS and BROADFIN CAPITAL join Essex Woodlands as major investors in the company.

and during the course of the year we were pleased to have perceptive advisers and broadfin capital join essex woodlands as major investors in the company


and I'm guessing that your realized intermodal pricing in the first half might be worse than that range, just given the competitive environment we saw

and i'm guessing that your realized intermodal pricing in the first half might be worse than that range just given the competitive environment we saw


and our underlying mix, so we really haven't seen a big shift there, really strong growth. And retention obviously playing a real big role in that growth has really enabled that stability of our book.

and our underlying mix so we really haven't seen a big shift there really strong growth and retention obviously playing a real big role in that growth has really enabled that stability of our book


We have implemented a remediation plan that includes performing sample testing of the quality of incoming steel plate at both production sites,

we have implemented a remediation plan that includes performing sample testing of the quality of incoming steel plate at both production sites


Currently, we are in the early stages of a comprehensive company transformation to increase growth and profitability.

currently we are in the early stages of a comprehensive company transformation to increase growth and profitability


primarily through adjusting variable incentive compensation, and we expect there to be some modest benefit from this in the fourth quarter.

primarily through adjusting variable incentive compensation and we expect there to be some modest benefit from this in the fourth quarter


what do you see as the lag effect for your business to recover? And is your operating leverage in any way diminished by the cost-out actions you've taken?

what do you see as the lag effect for your business to recover and is your operating leverage in any way diminished by the cost-out actions you've taken


Yesterday evening, we released results for the first quarter. Our company continues to drive financial performance through top line growth and operational execution,

yesterday evening we released results for the first quarter our company continues to drive financial performance through top line growth and operational execution


remain excited about the future of the PEO. Now I'd like to focus on the strong progress of our investments to improve the client experience.

remain excited about the future of the peo now i'd like to focus on the strong progress of our investments to improve the client experience


which ramps up in the late first quarter and second quarter, and statistics in 2017 are very consistent with those levels in 2016 with the expected retail demand levels.

which ramps up in the late first quarter and second quarter and statistics in 2017 are very consistent with those levels in 2016 with the expected retail demand levels


In used vehicle sales, the pricing environment appears to be stabilizing, although some risk remains due to the elevated level of Class 8 inventory in the market and other factors.

in used vehicle sales the pricing environment appears to be stabilizing although some risk remains due to the elevated level of class 8 inventory in the market and other factors


the process is not without ongoing challenges, including the following. Our customers are generally large and very complex organizations.

the process is not without ongoing challenges including the following our customers are generally large and very complex organizations


As we have discussed in prior calls, the seasonal nature of our tax and accounting work results in proportionately more revenue in the first half of the year compared with the second half.

as we have discussed on prior calls the seasonal nature of our tax and accounting work results in proportionally more revenue in the first half of the year compared with the second half


Our sales volume during the quarter benefited from comparatively strong domestic and international demand, as well as strong production.

our sales volume during the quarter benefited from comparatively strong domestic and international demand as well as strong production


And I will say, we've talked on this call many times about the fact that we think we have the most efficient load-out east of the Mississippi.

and i will say we've talked on this call many times about the fact that we think we have the most efficient loadout east of the mississippi


Statements made by management of ImmuCell during the course of this conference call that are not historical facts are considered to be forward-looking statements.

statements made by management of vmusel during the course of this conference call that are not historical facts are considered to be forward-looking statements


was attributable to the successful management of higher raw material costs, which positively impacted both our revenues and gross profits.

was attributable to the successful management of higher raw material costs which positively impacted both our revenues and gross profits


we may well be there to pick up some good assets or great assets out of that just as we did when Nexstar and Media General got together, and we were able to pick up

we may well be there to pick up some good assets or great assets out of that just as we did when nextar and media general got together and we were able to pick up


And again, also the consumer business area is impacted by the increase in pulp prices.

and again also the consumer business area is impacted by the increase in pulp prices


and we were impressed by the widespread desire in both the patient and clinical communities for new approaches to this disease,


and was up over 200% from the year ago period as we accelerated the completion of a large number of previously awarded CAF II sites.

and was up over 200% from the year-ago period as we accelerated the completion of a large number of previously awarded caf ii sites


As we translate our recent investing experience into a view for the balance of 2017, we are encouraged by our ability to screen for

as we translate our recent investing experience into a view for the balance of 2017 we are encouraged by our ability to screen for


Could you share a little bit where your -- where it's being sold and what type of fee structure we're looking at? Because I do think there's a big opportunity there.

could you share a little bit where your -- where it's being sold and what type of fee structure we're looking at because i do think there's a big opportunity there


And once that happened from a cash flow standpoint, we had enough to support the remaining assets within the CPD division.

and once that happened from a cash flow standpoint we had enough to support the remaining assets within the cpd division


trend in the storage business that's been going on for a while. We've got to make sure we can get into

trend in the storage business that's been going on for a while we've got to make sure we can get into the


I assume part of that is reflection of the increase and just what's going on with the estimates from last year, or maybe some current issues as well. But

i assume part of that is a reflection of the increase in just what's gone on with the estimates from last year or maybe some current issues as well but


to be able to compete better within that marketplace as it exists, but I wouldn't look for very strong growth moving forward based upon that product for the franchise.

to be able to compete better within that marketplace as it exists but i wouldn't look for very strong growth moving forward based upon that product for the franchise


Subsequently, the FDA has requested additional information to enable their review of the ZINPLAVA file with the result that a new action date of October 23 has been set.

subsequently the fda has requested additional information to enable their review of the zinplava file with the result that a new action date of october 23 has been set


the workload for regulatory agencies, given the very large number of studies that we and our competitors are doing in this field, is quite substantial.

the workload for regulatory agencies given the very large number of studies that we and our competitors are doing in this field is quite substantial


and that's fairly typical in markets that you see following a hurricane. There is some potential benefit from those remaining of hotels

and that's fairly typical in markets that you see following a hurricane there is some potential benefit from those remaining operating hotels


one pivotal study. So you have to be more confident in the outcome of one pivotal study in order to use that as your criterion to approve a drug.

one pivotal study so you have to be more confident in the outcome of one pivotal study in order to use that as your criterion to approve a drug


location. So we are going to probably transition through a little bit of vacancy there over the next year or 2, where we end up having to move people around, but I think at the end of the day, it will be a much stronger

location so we're going to probably transition through a little bit of vacancy there over the next year or 2 where we end up having to move people around but i think at the end of the day it'll be a much stronger


Before that, I'd like to give you an overview on the economic environment and the current developments within our industry.

before that i would like to give you an overview on the economic environment and the current developments within our industry


and we expect once the Shared National Credit gets taken care of, we're in a range where we will be managing inflows and outflows on a normal

and we expect once the shared national credit gets taken care of we're in a range where we will be managing inflows and outflows on a normal


that means all alternatives. And it's unfortunate that everybody really jumped right away to the idea of a sale, but that's what the market tends to do.

that means all alternatives and it's unfortunate that everybody immediately jumped right away to the idea of a sale but that's what the market tends to do


first question was I'm wondering if your Q3 products successes give us a read on the fourth quarter. Did you see better growth

my first question was i'm wondering if your q3 product successes give us a read on the fourth quarter did you see better growth


the geopolitical tensions and this increasing U.S. dollar are all bad macro forces for us in that sense in terms of what we're facing

the geopolitical tensions and this increasing u s dollar are all bad macro forces for us in that sense in terms of what we're facing